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New Articles – Economics


MACROECONOMIC TIME SERIES AFFECTING THE MINIMUM AND AVERAGE WAGES OF V4 COUNTRIES

Lucie Meixnerová, Michal Krajňák

The minimum wage institute was established at the turn of the 19th and 20th century in the Anglo-Saxon countries. Its purpose was to ensure the protection of the workforce. The minimum wage ensures that the labour market wage cannot fall below the determined level, which takes the form in accordance with the economic and political conditions of the country concerned (Dube et al., 2010). The determined level of the minimum wage results either from the tripartite act, which is made up of representatives of government, employers and trade unions or is enacted in relation to a percentage of the average wage level. Lopresti and Mumford (2016) mention that setting a minimum wage is a very complex problem, as its value is related to the price of labour that affects employers’ competitiveness. The minimum wage affects not only the part of the employer but also the employee, as employees want to receive fair remuneration for their work that will ensure them the required standard of living.
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THE IMPACT OF SOCIO-ECONOMIC AND DEMOGRAPHIC DETERMINANTS ON SELF-PERCEIVED HEALTH

Pavla Jindrová, Viera Labudová

The World Health Organisation (WHO, 1946) defines health as ‘a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity’. Good health is not only of value to the individual as a major determinant of quality of life, well-being and social participation, but it also contributes to general social and economic growth. Good health is a key aspect of people’s well-being and enhances opportunities to participate in the labour market and to benefit from economic and employment growth. People with poor physical or mental health are less likely to work and more likely to be unemployed than people in better health. The relationship also works the other way around: people with higher level of education and higher income tend to be in better health and live longer than those with lower level of education and income (OECD, 2015).
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COINTEGRATION ANALYSIS OF THE WORLD’S SUGAR MARKET: THE EXISTENCE OF THE LONG-TERM EQUILIBRIUM

Elena Kuzmenko, Luboš Smutka, Wadim Strielkowski, Justas Štreimikis, Dalia Štreimikienė

In general, sugar markets are among the fastest developing markets in the world (Huang & Xiong, 2020). The significant global market liberalization resulted in the fast growth of supply and stocks (Zuckerindustrie, 2018). At the same time, continuous changes in consumption patterns are affecting the global demand for sugar and sugar products (Muhammad et al., 2019). On the other hand, global sugar market is still influenced by the existing protectionists measures (see Solomon, 2014). It is of note that protectionist policies are applied in sugar markets by both developed and developing countries (Haley, 2016). Eventually, global sugar market appears to be suffering because of high-applied tariffs, limited tariff quotas and production subsidies (da Costa et al., 2015). As a result, this is reflected in price transmission and significant sugar price differences existing among individual regions in the world. Another specific feature of global sugar market is its notable price fluctuation which is a result of speculative trade activities.
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IMPACT OF EDUCATION AND ECONOMIC GROWTH ON LABOUR MIGRATION IN THE EUROPEAN UNION. A PANEL DATA ANALYSIS

Nicolae Istudor, Vasile Dinu, Emilia Gogu, Elena-Maria Prada, Irina-Elena Petrescu

The migration phenomenon is complex and difficult to fully understand and summarize. From the perspective of human migration there are numerous studies that have tried to systematize the reasons of migration (Parkins, 2011; Faist, 2011; O’Reilly, 2013; Wickramasinghe & Wimalaratana, 2016). One of the main components of migration is labour migration. Most studies have dedicated an important part of literature to labour migration and many of the migrationist theories have revolved around this aspect: neo-classical theory, New Economics of Labour Migration (also known as NELM), Dual Labour Market Theory (Wickramasinghe & Wimalaratana, 2016). This paper explores the determinants of migration from the perspective of the sustainable development goals (SDG’s) that are related to education, decent work and economic growth.
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COMPLEMENTING DATA GAPS ON WAGES IN THE LABOUR FORCE SURVEY DATA SET: EVIDENCE FROM POLAND

Wojciech Grabowski, Karol Korczak

Due to the low level of quality of the Labour Force Survey (LFS) data set, studies devoted to matching the LFS data with data from alternative sources are frequent. In this paper, we propose a novel method of complementing data gaps on wages in the Labour Force Survey data set. The method is based on estimataing the parameters of the multilevel model explaining wages on the basis of the Structure of Earnings Survey (SES) data set. In such a way, we identify the impact of individual characteristics and enterprise-level features on wages. We also find evidence of random differences between the wages of workers from different professional groups. The relative importance of consecutive groups of variables is evaluated on the basis of the estimates of the parameters of the full model and reduced models. The results of the estimation of the parameters are in line with expectations. The estimates of parameters and predictions of random effects are used in order to calculate the theoretical wages of individuals who do not report wages in the Labour Force Survey. When the predicted wages are compared with the observed ones, some discrepancies are observed. Rationales for these discrepancies are provided. Therefore, the use of a correction factor is proposed. Correction factors are provided for different features of workers and different features of enterprises. The use of the microeconometric multilevel model, as well as the correction factor, leads to reasonable wage estimates of workers not reporting them in the Labour Force Survey. The proposed method may be used in order to complement data gaps on wages for other EU countries.
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